Refine Group AB (REFINE) AI Stock Analysis

• Market Cap: kr22.04M
• Dividend Yield: N/A
• Average Volume (3M): 205.63K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.29
• Revenue Growth: -41.68%
• EPS Growth: 65.38%
• Country: SE
• Employees: 77
• Sector: Services
• Sector Strength: N/A
• Industry: Specialty Retail
• EPS (TTM): 0.06
• Shares Outstanding: 138,176,930
• 10 Day Avg. Volume: 206,151
• 30 Day Avg. Volume: 205,626
• PEG Ratio: 0.06
• Price to Book (P/B): 0.18
• Price to Sales (P/S): 0.13
• P/FCF Ratio: -1.02
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 43 Neutral
• Price Target: kr0.16 ▼(-28.70% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held down primarily by weak financial performance—continued operating losses, revenue contraction, and renewed cash burn—despite a notably improved balance sheet with zero debt. Technicals also point to a prevailing downtrend with negative momentum. Valuation provides little offset because losses (negative P/E) and the absence of a stated dividend yield limit traditional valuation support.

Positive Factors

Leverage materially reduced; zero reported debt

Eliminating debt materially lowers financial risk and interest burden, giving management flexibility to fund operations or invest from equity and cash. A debt-free balance sheet improves solvency and reduces near-term refinancing pressure, supporting medium-term stability.

Recurring service revenue mix (managed services/retainers)

A business model with recurring retainers and managed services creates steadier, more predictable revenue streams than one-off projects. This supports client stickiness, easier capacity planning, and scalable margins if utilization and pricing are maintained across the agency network.

Marked reduction in net loss in latest year

A large year-over-year reduction in net loss signals that cost controls, restructuring, or operational changes are materially improving the earnings trajectory. Sustained improvement could restore profitability if revenue stabilizes and margins recover.

Negative Factors

Two consecutive years of revenue decline

Persistent top-line contraction erodes scale economics and limits the company's ability to absorb fixed costs. Continued revenue declines threaten utilization, pricing leverage, and long-term margin recovery, making profitability harder even with cost reductions.

Sustained cash burn in 2024–2025

Negative operating and free cash flow indicate the business is consuming liquidity to run operations. Even with no debt, persistent cash burn raises the risk of future funding needs, potential dilution, or reduced investment in client-facing capabilities over the medium term.

Profitability still structurally weak

Deep historical losses and continued negative gross/operating margins suggest the core service economics remain challenged. Without durable margin improvement from pricing, mix, or efficiency, the company may struggle to generate sustainable profits even if revenue stabilizes.

Refine Group AB Business Overview & Revenue Model

Company Description

Refine Group AB (publ) operates resale marketplaces and develops a SaaS platform and logistics solution for brands companies in Sweden. The company operates through three business areas: Technology, Logistics, and Ecommerce. It offers Yaytrade, a fashion-tech e-commerce platform for consumers to buy second-hand, overstock, and samples; RE/WAY, an online consignment platform for men's and women's authenticated luxury clothing, bags, shoes, and accessories; and Spherio Solutions, a recommerce website and logistics for outgoing stock, samples, and second-hand items. The company was incorporated in 2015 and is based in Stockholm, Sweden.

How the Company Makes Money

Refine Group AB generates revenue through multiple streams, primarily by selling software licenses, offering consulting services, and providing ongoing support and maintenance for its technology solutions. The company charges clients for the implementation of its process optimization tools and analytics platforms, which are tailored to meet specific industry needs. Additionally, REFINE engages in long-term partnerships with key players in various sectors, enabling it to secure recurring revenue from subscription-based services and maintenance contracts. The company also benefits from strategic collaborations and joint ventures that expand its market reach and enhance its product offerings.

Refine Group AB Financial Statement Overview

Summary

Overall fundamentals are weak despite balance-sheet improvement. Income statement performance is poor with two consecutive years of revenue decline and continued negative gross/operating results (Income Statement Score: 18). Cash flow has turned to sustained burn in 2024–2025 (Cash Flow Score: 33). Offsetting this, leverage risk has improved materially with total debt reduced to zero and positive equity remaining (Balance Sheet Score: 52).

Income Statement

Performance remains weak and volatile. Revenue has declined for two straight years (2025: -17.1% vs. 2024: -6.4%) after growth in 2023 and 2022, pointing to an unstable top-line trajectory. Profitability is deeply challenged: 2024 and 2023 posted very large operating and net losses (net profit margin -67% in 2024 and -120% in 2023). 2025 shows a much smaller net loss (-2.7m) versus 2024 (-164.5m), but gross profit and operating profit are still negative in 2025, indicating the underlying earnings engine has not yet normalized.

Balance Sheet

Balance sheet risk looks moderate and improving on leverage. Total debt fell to zero in 2025 from 35.1m in 2024 and 49.0m in 2023, which materially reduces financial risk. Equity is still positive (95.9m in 2025), providing a capital buffer, although it has come down from 217.3m in 2023 alongside heavy losses. Asset base has also shrunk (410.9m in 2023 to 145.0m in 2025), which could reflect restructuring but also signals a smaller operating footprint.

Cash Flow

Cash generation is inconsistent and currently pressured. After positive operating and free cash flow in 2023 (operating cash flow 26.5m; free cash flow 26.3m), the company reverted to cash burn in 2024 and 2025 (2025 operating cash flow -16.6m; free cash flow -16.7m). While 2024 free cash flow was better than net income (free cash flow to net income 1.12x), the more recent step-up in cash outflows in 2025 is a key concern and raises questions about near-term funding needs if losses persist.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	126.52M	244.94M	261.60M	232.64M
Gross Profit	-75.68M	102.34M	58.30M	-12.22M
EBITDA	-9.16M	-34.91M	-12.55M	16.05M
Net Income	-2.71M	-164.48M	-313.00M	-16.96M
Balance Sheet
Total Assets	145.05M	217.97M	410.91M	329.83M
Cash, Cash Equivalents and Short-Term Investments	12.69M	11.63M	32.13M	3.30M
Total Debt	0.00	35.08M	48.98M	80.17M
Total Liabilities	48.51M	140.79M	191.74M	138.64M
Stockholders Equity	95.87M	76.50M	217.27M	189.28M
Cash Flow
Free Cash Flow	-16.69M	-5.57M	26.27M	-4.12M
Operating Cash Flow	-16.64M	-4.97M	26.46M	-2.90M
Investing Cash Flow	-9.64M	2.43M	6.60M	-76.68M
Financing Cash Flow	21.54M	-10.63M	-29.72M	46.85M

Refine Group AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.23
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:REFINE, the sentiment is Negative. The current price of 0.23 is above the 20-day moving average (MA) of 0.18, above the 50-day MA of 0.19, and below the 200-day MA of 0.24, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 36.84 is Neutral, neither overbought nor oversold. The STOCH value of 51.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:REFINE.

Refine Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CDON	56 Neutral	kr862.49M	-13.62	―	―	―	―
BBROOM	56 Neutral	kr74.62M	―	―	―	―	―
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
OBAB	49 Neutral	kr401.00M	-16.85	―	―	27.27%	-1165.24%
REFINE	43 Neutral	kr22.04M	-1.83	―	―	-41.68%	65.38%